Zacks Research Lowers FY2023 EPS Estimates for Tesla

Equity researchers at Zacks Research have reduced their earnings per share (EPS) estimates for Tesla, Inc. for the fiscal year 2023. Zacks Research analyst R. Singhi now expects Tesla to post EPS of $2.72 for the year, down from their previous forecast of $2.73. The consensus estimate for Tesla’s current full-year earnings is $2.94 per share.

Tesla reported its quarterly earnings results on July 19th. The company posted EPS of $0.91 for the quarter, beating analysts’ consensus estimates of $0.69. Tesla’s revenue for the quarter was $24.93 billion, up 47.2% compared to the same quarter last year.

Several other research analysts have also issued reports about Tesla. Mizuho raised its price objective on shares of Tesla from $300.00 to $330.00. Canaccord Genuity Group increased their target price on Tesla from $257.00 to $293.00 and gave the company a “buy” rating. Guggenheim reaffirmed a “sell” rating on Tesla and set a target price of $125.00. Barclays downgraded Tesla from an “overweight” rating to an “equal weight” rating and increased their target price from $220.00 to $260.00. KGI Securities upgraded Tesla from a “neutral” rating to an “outperform” rating.

Institutional investors have recently bought and sold shares of Tesla. Hedge funds and other institutional investors own 41.87% of the stock. Insider activity at Tesla includes senior vice president Andrew D. Baglino selling 10,500 shares of the company’s stock, and senior vice president Xiaotong Zhu selling 2,500 shares.

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems. The company operates in two segments: Automotive and Energy Generation and Storage. The Automotive segment offers electric vehicles and automotive regulatory credits.

– Zacks Research